Thai Stocks Tumble As Army Censors Media To "Avoid Provoking Unrest"

Tyler Durden's picture

Despite proclamations that markets would open 'normally', Thai SET50 (stock market) futures are indicated to open -4.2% - its biggest drop since January's collapse. Thai CDS are modestly wider (+5 to 130bps) but early Bhat weakness has been rescued back by a mysterious bidder (rumored to be the central bank by several traders). The last 2 times martial law was invoked - in an entirely non-coupy-coup-like manner - general market weakness was less than we  have seen so far. Of course, the army has decided that in the interests of avoiding the "provocation of unrest and triggering fear" it will "ban the broadcast and distribution of news." Nothing like a military-coup, that is not a coup, with total media censorship to encourage capital flows and maintain peace in the nation.


  • Baht Drops Most in Two Months as Thai Army Declares Martial Law

But was rescued... by the central bank selling USD - USD/THB selling today in 32.650-660 area led by agents for Thailand central bank, according to an FX trader based in Asia.


These reactions are worse than the last 2 times martial law was invoked...

Thailand’s military imposed national martial law today for first time in 4 yrs. Here’s how assets responded on Asian trading day immediately after martial law was declared in the past:

April 8, 2010:
* 5yr CDS on Thai sovereign debt rose 5 bps, hitting 2 week high, according to CMA prices
* 5yr sovereign bond fell 5 bps
* USD/THB swung between +0.3% and -0.3%
* 1-yr IRS fell 5 bps
* Thai stocks fell 3.5%, most in more than 5 months, with Thai Airways, Airports of Thailand and Minor Intl among worst hit

Sept. 20, 2006
* USD/THB rose most in 4 yrs, swung between -0.2% and +1.9%
* 5yr CDS rose 11bps, according to CMA prices
* S&P, Fitch said they may cut Thailand’s credit rating
* Thai stock mkt, bond trading were suspended Sept. 20; stocks fell 1.4% when they reopened a day later, 5-yr sovereign yield was little changed

But wait:


And so the Army has decided that it will censor the media to avoid any panic and unrest...



Army says in statement that it will “ban the broadcast and distribution of news and information that may provoke unrest and trigger fear among the public via radio, television and online media.”


A number of Thai television and radio stations openly support either anti-govt groups or supporters of the govt; the army imposed martial law earlier today on concern that protest violence may escalate


“The distribution of this information will make it more difficult to maintain order,” the army says

Seems like a great time to BTFATH in US equities - oh wait... what could possibly go wrong?

But don't worry - Fitch has insane reassuring words for bond holders...


No Shit!!!

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
wee-weed up's picture

Who is running that country...

Call Yellen and Obozo - they'll save you...


ACP's picture

Obombya would be conducting house to house searches, executing gun owners and unleashing the drones by now.

SafelyGraze's picture

"Nothing like a military-coup, that is not a coup, with total media censorship to encourage capital flows and maintain peace in the nation"

it is how we did it

a coup that keeps on coup-ing


Dr Benway's picture

You don't need a coup to control the media. In Australia, banksters determine what information the public is allowed to access.

If you are in Australia, the suffix "/ncr" allows you to access the uncensored version of the blog. But don't worry. The government obviously knows what's best for you, and what you need to know and not know.

max2205's picture

Jimmy Rodgers will have to find new 14 year olds in some other country for the time being.......

intric8's picture

"Oh jack talk thai. Jack talk thai very well"

ACP's picture

Well, they're obviously not as efficient as the US, where the media censors itself.

JohnnyBriefcase's picture

Do they have "tribe members" in Thailand?


Fuckin' pull it, bitchez!

The_Prisoner's picture

Yes. Shitloads of them. Who do you think runs the sex-slave trade?

max2205's picture

Not Being able to rig your markets up when bad things happen is the new 3rd world definition

LetThemEatRand's picture

Looking at the chart, stocks tumbled less than they rallied just before the "tumble."   Pretty much the trend in all markets worldwide.  Generate a huge fake rally ahead of "bad" news.  Let markets correct a little.  Close green or just below.  Mission Accomplished.

Bangin7GramRocks's picture

You know a country is unstable when a fucking coup only sends the stock market down 4%. Back when we had a semi-realistic market, the 9/11 attacks were going to slash 50% off the Market if they didn't shut down for a few days.

FieldingMellish's picture

Long on internet blackouts.

Make_Mine_A_Double's picture

They have a full on Islamic insurgency in the South and Reds and Yellows shooting and bombing every day.

If the army fractures (and they keep catching mil in civvies with weapons) it could get really shitty.

Rakshas's picture

Is every country in the friggin world using military Put's now?? or just another way of fuckin with the algos??

................. that said is there any reason to own paper in a world governed by liars and thieves, I like my silver and gold, not really a bitcoin fan;  mostly for practical reasons though I mean trying to fire a bitcoin bullet when you gotta werewolf chewin your arse just ain't gonna cut it - sorry PS but it's true ....

One And Only's picture

Why is Thailand always fucking shit up god dammit. Sick of this shit.

Global Hunter's picture

Can the non-coup generals in the Thai militairy come over here and do us a favour and help us out by shutting down our media after they're finished there?

FieldingMellish's picture

Please, do not worry.



g'kar's picture

Beautiful country. Visited Pattaya Beach '79-'80. Friendly people, hot women (Check first to make sure they are women. Use the Crocodile Dundee method.) and great smoke. Loved the food too. Hopefully they get it back together.

Spungo's picture

They need Mike Norman on the job. He claims that printing money makes it worth more.

Platinum's picture

"Thailand’s military imposed national martial law today for first time in 4 yrs."


After Martial Law is lifted, it will be time to switch signs to " X Days without Martial Law declared"

DeliciousSteak's picture

Ah Thailand, the land where tens of thousands claim "political street protester" is an actual occupation. You'll know we are in a SHTF scenario when Thailand becomes politically stable.

Boomberg's picture

I remember an orangutan protesting there a few months ago. ZH had the video. I want to see more orangutan support for this coup, and where are the spider monkeys when you really need them? 

Atomizer's picture

Calm the fuck down, You'll get the ZH video.

pashley1411's picture

To tell the truth, it is indeed the same-ole, same-ole.    The reds (progressives/moochers in our venacular) have the numbers, the yellows (middle-class) have their backs to the wall.   Pure democracy will lead to "two wolvers and a lamb voting on lunch".   You are middle-class in Bangkok, what are you going to do, let yourself get wiped out?

qazwsx's picture

precarious times in the Kingdom.. 

Schmuck Raker's picture

Maybe if an aide to the Thai PM were to kick a few protesters things wouldn't get so out of hand?

intric8's picture

"i kakadaw!!!"


pachanguero's picture

Well, I'm in Pattaya now and the hookers are pouring in from Bangkok as the bars are shut and thus no Baht.

Check my twitter at Pachanguero2  Great for me as things are gonna get real cheap!

intric8's picture

Im sure the local pattaya economy appreciates your support

TheRideNeverEnds's picture

Get the headlines ready for tomorrow...


Gold halted limit down on panic selling.  

US Markets close sharply higher from flight to quality trade.

Dennis Gartman "You pretty much just gotta close your eyes and buy em with both hands here."

Sudden Debt's picture
Reports on Bloomberg this morning indicate that gold imports into Thailand – the third-largest consumer of the metal in Asia after China and India – declined 78% in Q1:14, relative to the same quarter last year. This data would be consistent with our Standard Bank Gold Physical Flow Index in which we point out that YTD physical demand in Asia remains well below levels seen in 2013 (see Commodities Daily dated 6 May 2014). Thailand is the 3th biggest gold consumer.... so 1 : gold jumps as the thai go to gold as safety... gold drops like a brick if there come restrictions and curfews... So who knows what gold will do but one thing is for certain, it won't sit where  it's now.
Comte d'herblay's picture

Lemme write this down so I know what to do....


"So who knows what gold will do but one thing is for certain, it won't sit where  it's now".


This is the best advice I've been given since I was told that the market will fluctuate, don't screw a woman with more problems than I have, and never eat at a place called, "Mom's". 


What next??


Everybody lies???

Sudden Debt's picture

I remember a time when I was in Bangkok and decided to go to the movies.

When the movie starts, the national anthem starts over there and everybody stands up with their hand on their chest and sings...

I'm from Belgium so why would I stand up right?

Fuck that! About 2 minutes and there where 2 soldiers next to me telling me to stand up and hold my hand on my chest.

So I explained them that this king wasn't mine and all... well... in the end I didn't see that movie and I was out in 5 minutes with a kick in the ass.

Hunch Trader's picture

It's a beautiful anthem and worth standing up. One needs to understand the history of Thailand and neighboring countries to understand what a good job the now ailing king has done in keeping the country together and prospering. Thailand is a success story compared to any of her neighbors, even Malaysia although richer, fares way worse on many social aspects.

I recommend Bangrajan, starring Boonlert the Buffalo:

homonohumanus's picture

Well actually the army is on the good side aka the King size.

The king is the only thing trying to protect Thais from multinational corporations and corrupted businessmen (including thai ones).

Protesters are so called progressive that are completely missed wrt to the guys they support and how well their promises would serves them...

Hunch Trader's picture

Actually it's the yellows - self-proclaimed King's side that comprises of Bangkok oligarchs and other corrupt money elite, who want to enslave the red rural Thailand, although they will never be able to garner a democratic majority to do that.

Reds are the democratic majority but the yellows have taken their democratic winning powers away from them every single time by a large variety of corrupt tricks. That Thaksin himself is an oligarch is a sideshow, he's only a very smart, sly man who realized that IF Thailand wants to transition into a democracy, look who's got the most votes (the rural poor), and he did good for this audience by providing cheap healthcare, loans etc. Yellows obviously don't like if they can't rape the countryside at will anymore (literally, as poor families sell their daughters to the prostitution industry in Bangkok controlled by the corrupt elite).

Understandably the yellows have way better PR, especially towards foreign news agencies, and have managed to filter through their twisted versions of events where they are democracy's vanguards etc. Anybody who understands a little about Thailand's politics and history can only laugh when figures such as Chalerm are included there! Mr iron corrupt rule talking about democracy, that's rich.

rwe2late's picture

 The situation is not as black & white (red & yellow?) as that.

Thaksin appears to be more of a self-serving populist manipulator than a true reformer (and certainly no revolutionary) for either the poor or those seeking democratic rights.

Consider his "war on drugs". According to HRW:

In the first three months of the campaign there were some 2800 extrajudicial killings. In 2007, an official investigation found that more than half of those killed had no connection whatsoever to drugs

His corporate backers, his economic preferences, his support for CIA black sites identify him as being more of a neo-liberal akin to Obama or Blair.

The more conservative sectors of the Thai population disapproved of his (perceived as excessive) populism (further compromised by corruption and mismanagement) and the implicit threat/rebuke of populist ideas to Thailand's established social (royal ) order.

Thai military leaders are 'partners' of  the global Pentagon.

Here in the US, we get to choose red or blue.  In Thailand, the choice appears to be red or yellow.

Comte d'herblay's picture

First amendment and a Free Press and all that.

However, no one---for sure no one in media-----EVER stops to mention that they play a major role in conflicts of all types, including world war.

Lincoln, that murderous tyrant, knew this and incarcerated journalists who did not agree with his war. And that's in a republican democracy.

There is likely no way to prevent media from their participation in fomenting war, prolonging it.   But neither can they be excused from being a partner in war.

I agree with the dictators who black out the media, but in the age of the Global Interweb, with instantaneous access to a keyboard and a monitor, an ISP, anyone can find out what is happening.  And that leads to exploitation of war to grab eyeballs.

By now, without media, the Israeli/Palestinian conflict would have been settled a long time ago, the War between the states would have ended in three weeks, and the civil wars in various countries wouldn't last a few months.

Media extends the wars, unconscionably, tens of millions more die, freedoms that are sought are rarely if ever won because media was involved in securing it.

Here on this board, there would be many more rich people who took advantage of the FED's policies by going long in 2009 and staying long thru today.  Instead the shorts have bought the opinion that apocalypse is imminent.  

Media bears so much responsibility for the ongoing tragedies that it is impossible to calculate that the Offsetting the good that they do is not worth it.